I Am Interested In Buying A Condo From An American Who Put Money Down 2 Yrs Ago And She Now Wants To Sell From Usa To Me?what Is The Best Way To Handl

[nycboy57]

Since this is my first purchase in Thailand I wanted to know the procdure, since she said the property is not finished, and I can see floor plans online and if she doesn't have to come to Thailand she would save me 50,000 baht and the transfer fee of 30,000 baht. I guess I need a lawyer to handle this? I guess that I can have the lawyer put the 100,000 baht deposit she wants in Escrow foor her, and that either one lawyer for me and one for her can handle all the transactions?

She said she would prefer me transfer to her from my American Citibank account to her American Bank of American Bank if possible or since I already transfered by wire from USA to Bkk and got a letter for land office that my money was from USA I could wire her the money from here if I wanted or from USA to her USA account.

I feel a little overwhelmed writing all this.

I have to try and get to see the place even though she said some other prospective buyers tried and the Juristic said no one can come to visit until the building is finished. These are small one bedrooms and are supposed to be furnished when complete. Also this apartment is on 25 of a 26 floor building and the roof has the pool, gym, and six gardens. I was fearful of possible leakage from the gardens or pool?

Any suggestions on how to go about this and any recommendations on Attorneys and how much should this transfer cost me?

Also since she put down a deposit 2 years ago about 500,000 she said on 2.6 million, how much should this legally cost too transfer?

Thanks in advance.

[JusMe]

Slow Down!

There are many properties available in Thailand, probably even nearby the one you haven't even looked at.

Do NOT buy sight unseen. If you can't get to see this particular one, WAIT! There are many more available.

The only need for a hurry is from the seller's perspective. This is still a buyer's market.

"I have to try and get to see the place even though she said some other prospective buyers tried and the Juristic said no one can come to visit until the building is finished"

Not finished? Other prospective buyers (i.e. I want to pressure you into making an ill-considered decision). No one can come to see it?

Back off! Slow down! There are many many condos or houses to purchase. I know - I bought mine just a couple of months ago, but it was NOT sight unseen!

[donx]

Unless you are Thai, you will have to prove that all the money used to purchase the condo came from outside the US. You will need proof of this. If you transfer from your US account to her US account, there will not be a record of the transfer of money to Thailand. This will be a big problem for you and you will have to transfer that same amount in again when you end up actually getting the property transferred to you by the developer. It is better for you if you transfer all money to a Thai bank account that you have created in your name. Then transfer that money to the seller. Forget about the 50,000 discount for doing it outside of Thailand. It's not worth it in the end.

EDIT: I'm sorry I didn't see the part about you already transferring money to Thailand. Disregard the advise above.

Edited November 22, 2009 by donx

[Nio]

There have been many reports of people investing in condos and the condos are never to be finished. Owners even ran out of cash or was a scam from the get go.

You need to be darn careful.

In my opinion there is something very out of place for this whole deal and I would NOT send any money anywhere until YOU have ALL THE FACTS

Do not trust any lawyer she hires.

This is Thailand man and you will get burned.

2 years ago and it is not finished should be a big warning that something went wrong? Buildings seem to go up over night here and after two years if there is nothing finished is very suspicious

The majority of Thailand condo owners are famous for walking away from building maintenance after the building has sold out and they have recouped their investment, so if the pool rains down on you, you are screwed with NO recourse.

If you are smart, hold your horses and walk away from this catastrophe in the making

With the economy taking a big dive here in Thailand and things about to get worse with a new red shirt protest, there will be bonafide deals on condos everywhere as the economy dives ever further

Walk away from this without a second though and do not be in a hurry or you will get smoked.

[Serpico]

Never buy sight unseen in Thailand.

You want to walk in, feel it, smell it, listen to it, talk with the neighbors, board of directors, read the balance sheet and meeting minutes, have it inspected etc....

I'd rent in a building for a year then look to purchase if all is well.

Too many scams to trust anybody.

[stolidfeline]

Don't touch this property with a bargepole.

[hhgz]

"2 years ago and it is not finished should be a big warning that something went wrong? Buildings seem to go up over night here and after two years if there is nothing finished is very suspicious"

That's simply not true: 26-story buildings don't spring up overnight, regardless of what the poster claims.

As others mentioned, buying sight unseen is dangerous, in any country. A Juristic person is appointed AFTER the condo is completed, not before, and you can get a tour of a partially-completed building easily. If either the seller or developer refuses to allow it, buy elsewhere.

[trogers]

As a foreigner, you have to use 100% foreign cash to buy a condo. Why tie yourself to a unit which you are not permitted to see when there are hundreds of completed units looking for a buyer?

Is Bt50k savings on a Bt2.6m deal worth the risk of losing Bt500k? I do not see how you can save on transfer fees unless you pay the money and do not want title to be transferred to you, much like buying a car and still holding the ownership papers under the name of the former owner...

[aussiebebe]

To the OP; You must surely agree that you've recieving a blessing in disguise by experiencing how difficult it is for this American lady to sell her unbuilt Thai condo when she's not in Thailand . I'd attempt to disuade you from this particular opportunity, based only on the information you've provided, but I can't really know all the facts.

I am currently friends with two couples depsperate to sell their condominiums - no mean feat if you want to leave or can't stay in Thailand. One couple have had to postpone their plans to emmigrate and face either having their new visas expire or having to leave and sell their Thai condo from abroad.

Personally, I'd like to hear more from Nio,

With the economy taking a big dive here in Thailand and things about to get worse with a new red shirt protest, there will be bonafide deals on condos everywhere as the economy dives ever further

- what makes you say that?

[chiang mai]

With the economy taking a big dive here in Thailand and things about to get worse with a new red shirt protest, there will be bonafide deals on condos everywhere as the economy dives ever further

- what makes you say that?

The poster has a view but it may not be an informed or accurate one so I wouldn't be unduly concerned.

[Crash999]

Nycboy, to answer your question, you'll need a lawyer to take you through all of the paperwork. Fees vary- can be 20k-80k baht. I haven't used anyone in Bangkok before- you could try the Sunbelt Asia folks.

Try to get a sense of the market for your building. Check out prakard.com to see the asking prices from sellers/agents- the site is in Thai but it's quite easy to navigate around.

The seller has put down 500k and it sounds like she's willing to sell for the same cost she bought it for. Be sure and check out current prices, as for some buildings people are willing to sell at a price low enough that it means they won't get back even the money they put in as a deposit/payment.

[loquent]

Nycboy, to answer your question, you'll need a lawyer to take you through all of the paperwork. Fees vary- can be 20k-80k baht. I haven't used anyone in Bangkok before- you could try the Sunbelt Asia folks.

Try to get a sense of the market for your building. Check out prakard.com to see the asking prices from sellers/agents- the site is in Thai but it's quite easy to navigate around.

The seller has put down 500k and it sounds like she's willing to sell for the same cost she bought it for. Be sure and check out current prices, as for some buildings people are willing to sell at a price low enough that it means they won't get back even the money they put in as a deposit/payment.

Hello my friend and let me help you with problem big very much thank you. I am prince Ala Kaxi kazeem el al Al ben In Asseem Nottwhtta Ahm, second cousin to the the President of Al Sim Lar state Nigereia. May be you have heard from BBC or CNN what it is that wonderful City we call Farlattte- nar- Mayo? It is yes indeed being.

So how am I is it that I can be helping of you the generously most on the occasion of now I hear you asking. Well my friend in Nigereia we have the most as it some of banking big with the interest for you now and I can be depostting big for you in the moment and have for you some more to take and only leave with me small fee of US 100 dolar as conveninecce for myself as now this good isn't it both for to share.

So am agreeing then give for me take bring come the details of banking account and sort code and name as in checking book and I have will give bring the to take for immediate transferring of the to you with me and interest as it is happening quickly not long time you wait me.

I am youre good sir Prince Ala Kaxi kazeem el al Al ben In Asseem Nottwhtta Ahm of the third infantry lightfoot fleet of regiment with star and 5 pip take long for time to have and good day to you as well and with your family in being also part of as it is with them for you to be the good with every also.

I humbly remains sincerly it is.

[pkrv]

Nycboy, to answer your question, you'll need a lawyer to take you through all of the paperwork. Fees vary- can be 20k-80k baht. I haven't used anyone in Bangkok before- you could try the Sunbelt Asia folks.

Try to get a sense of the market for your building. Check out prakard.com to see the asking prices from sellers/agents- the site is in Thai but it's quite easy to navigate around.

The seller has put down 500k and it sounds like she's willing to sell for the same cost she bought it for. Be sure and check out current prices, as for some buildings people are willing to sell at a price low enough that it means they won't get back even the money they put in as a deposit/payment.

Hello my friend and let me help you with problem big very much thank you. I am prince Ala Kaxi kazeem el al Al ben In Asseem Nottwhtta Ahm, second cousin to the the President of Al Sim Lar state Nigereia. May be you have heard from BBC or CNN what it is that wonderful City we call Farlattte- nar- Mayo? It is yes indeed being.

So how am I is it that I can be helping of you the generously most on the occasion of now I hear you asking. Well my friend in Nigereia we have the most as it some of banking big with the interest for you now and I can be depostting big for you in the moment and have for you some more to take and only leave with me small fee of US 100 dolar as conveninecce for myself as now this good isn't it both for to share.

So am agreeing then give for me take bring come the details of banking account and sort code and name as in checking book and I have will give bring the to take for immediate transferring of the to you with me and interest as it is happening quickly not long time you wait me.

I am youre good sir Prince Ala Kaxi kazeem el al Al ben In Asseem Nottwhtta Ahm of the third infantry lightfoot fleet of regiment with star and 5 pip take long for time to have and good day to you as well and with your family in being also part of as it is with them for you to be the good with every also.

I humbly remains sincerly it is.

Amusing, instructive we all have to keep our wits about us, but IMO also too destructive for any sense of credibility. I take it you managed to get ripped off just as you can in any country on the face of the planet. A lot of Farangs operate here without these hassels.

[nycboy57]

Thanks for all the info and kind advice even the last one was like a splash of ice water in my face.

Yes I will not be touching this deal with a 20 ft. pole.

Yes I did have my girl friend speak to Juristic and it will be shown on Dec 15,

however even though the website says all sold out, the Juristic told her in Thai

the others that are available and I think they are really not for me.

I did see one in my building where I have had two different apartments and know the owner since I have moved in.

We are supposed to get a contract and someone to take us to the land office to do the sale.

The pension I have is not big from USA but I have been able to live much better there than

I did since my accident that retired me and really want to stay.

I just did another year of retirement visa yesterday with multi entry and 90 report.

That was the third time and first in the new location. It worked out great.

I feel confident that the real estate market, is holding steady here, and as a matter of fact,

I have checked the web daily for these 3 years and have not seen anything I liked go down in price.

The money I have spent on rent these years could have gone toward ownership and I hope

the one I am intending on buying works out.

I will use an Attorney to handle the sale and the Lands Dept. and hopefully get into the new apartment

by the time my lease is up in the building.

Nothing seems perfect here, and sometimes I really just want to stay

in and play on the internet, but overall at 63 yrs of age. This is the place for me.

Thanks again for your great website and help.

Nycboy, to answer your question, you'll need a lawyer to take you through all of the paperwork. Fees vary- can be 20k-80k baht. I haven't used anyone in Bangkok before- you could try the Sunbelt Asia folks.

Try to get a sense of the market for your building. Check out prakard.com to see the asking prices from sellers/agents- the site is in Thai but it's quite easy to navigate around.

The seller has put down 500k and it sounds like she's willing to sell for the same cost she bought it for. Be sure and check out current prices, as for some buildings people are willing to sell at a price low enough that it means they won't get back even the money they put in as a deposit/payment.

Hello my friend and let me help you with problem big very much thank you. I am prince Ala Kaxi kazeem el al Al ben In Asseem Nottwhtta Ahm, second cousin to the the President of Al Sim Lar state Nigereia. May be you have heard from BBC or CNN what it is that wonderful City we call Farlattte- nar- Mayo? It is yes indeed being.

So how am I is it that I can be helping of you the generously most on the occasion of now I hear you asking. Well my friend in Nigereia we have the most as it some of banking big with the interest for you now and I can be depostting big for you in the moment and have for you some more to take and only leave with me small fee of US 100 dolar as conveninecce for myself as now this good isn't it both for to share.

So am agreeing then give for me take bring come the details of banking account and sort code and name as in checking book and I have will give bring the to take for immediate transferring of the to you with me and interest as it is happening quickly not long time you wait me.

I am youre good sir Prince Ala Kaxi kazeem el al Al ben In Asseem Nottwhtta Ahm of the third infantry lightfoot fleet of regiment with star and 5 pip take long for time to have and good day to you as well and with your family in being also part of as it is with them for you to be the good with every also.

I humbly remains sincerly it is.

Amusing, instructive we all have to keep our wits about us, but IMO also too destructive for any sense of credibility. I take it you managed to get ripped off just as you can in any country on the face of the planet. A lot of Farangs operate here without these hassels.

[pkrv]

Rent - IMO - rent your hearts dream

Thanks for all the info and kind advice even the last one was like a splash of ice water in my face.

Yes I will not be touching this deal with a 20 ft. pole.

Yes I did have my girl friend speak to Juristic and it will be shown on Dec 15,

however even though the website says all sold out, the Juristic told her in Thai

the others that are available and I think they are really not for me.

I did see one in my building where I have had two different apartments and know the owner since I have moved in.

We are supposed to get a contract and someone to take us to the land office to do the sale.

The pension I have is not big from USA but I have been able to live much better there than

I did since my accident that retired me and really want to stay.

I just did another year of retirement visa yesterday with multi entry and 90 report.

That was the third time and first in the new location. It worked out great.

I feel confident that the real estate market, is holding steady here, and as a matter of fact,

I have checked the web daily for these 3 years and have not seen anything I liked go down in price.

The money I have spent on rent these years could have gone toward ownership and I hope

the one I am intending on buying works out.

I will use an Attorney to handle the sale and the Lands Dept. and hopefully get into the new apartment

by the time my lease is up in the building.

Nothing seems perfect here, and sometimes I really just want to stay

in and play on the internet, but overall at 63 yrs of age. This is the place for me.

Thanks again for your great website and help.

Nycboy, to answer your question, you'll need a lawyer to take you through all of the paperwork. Fees vary- can be 20k-80k baht. I haven't used anyone in Bangkok before- you could try the Sunbelt Asia folks.

Try to get a sense of the market for your building. Check out prakard.com to see the asking prices from sellers/agents- the site is in Thai but it's quite easy to navigate around.

The seller has put down 500k and it sounds like she's willing to sell for the same cost she bought it for. Be sure and check out current prices, as for some buildings people are willing to sell at a price low enough that it means they won't get back even the money they put in as a deposit/payment.

Hello my friend and let me help you with problem big very much thank you. I am prince Ala Kaxi kazeem el al Al ben In Asseem Nottwhtta Ahm, second cousin to the the President of Al Sim Lar state Nigereia. May be you have heard from BBC or CNN what it is that wonderful City we call Farlattte- nar- Mayo? It is yes indeed being.

So how am I is it that I can be helping of you the generously most on the occasion of now I hear you asking. Well my friend in Nigereia we have the most as it some of banking big with the interest for you now and I can be depostting big for you in the moment and have for you some more to take and only leave with me small fee of US 100 dolar as conveninecce for myself as now this good isn't it both for to share.

So am agreeing then give for me take bring come the details of banking account and sort code and name as in checking book and I have will give bring the to take for immediate transferring of the to you with me and interest as it is happening quickly not long time you wait me.

I am youre good sir Prince Ala Kaxi kazeem el al Al ben In Asseem Nottwhtta Ahm of the third infantry lightfoot fleet of regiment with star and 5 pip take long for time to have and good day to you as well and with your family in being also part of as it is with them for you to be the good with every also.

I humbly remains sincerly it is.

Amusing, instructive we all have to keep our wits about us, but IMO also too destructive for any sense of credibility. I take it you managed to get ripped off just as you can in any country on the face of the planet. A lot of Farangs operate here without these hassels.

Edited November 26, 2009 by pkrv

[thewhites1212]

Hi

When your buying a property always have due dilligence done and my advise never buy off plan. Why you may ask, well why would you want too when so many deveelopments are finished and RISK FREE.

We have been developing all over Asia for the last twenty years, so i speak from experience

If you want more advise please contact me with your email address or google, layan gardens , lunaphuket,lakeshore villas, phukeparadiserealestate and you will see our developments and what we have achieved for investors.

Regards

Tony

[CHINWA]

15 years ago (living abroad) I bought one apartment like the one you mention. Everything on the paper but the project was not concluded and 4 years later the whole building was demolished because it was a fraud and the authorities put it down. Don't fall for this kind of situation. A building that is under construction for more than 2 years??? and the site cannot be visited??? In your place I would rather come over and see for myself and then buy. There are thousands of apartments similar to the one you described for 1/3 of the price or less.

I think the lady is already aware of the risk of losing the apartment and wants to get rid of it asap.

Many posters already mentioned irregularities in this kind of transaction so, it is up to you now.

Good luck

[Rodders3000]

Hi Niceboy

The simple answer to your question is...DON'T EVEN THINK ABOUT IT.

Or the far easier and quicker solution (providing you don't want to keep your money) is to stay at home and set fire to your money in a trash can, which = no hassle, no tax, no transfer fees, no bent lawyers and no air fares, but MOST of all NO grief!

regards

Rodders

[pkrv]

Thanks for all the info and kind advice even the last one was like a splash of ice water in my face.

Yes I will not be touching this deal with a 20 ft. pole.

Yes I did have my girl friend speak to Juristic and it will be shown on Dec 15,

however even though the website says all sold out, the Juristic told her in Thai

the others that are available and I think they are really not for me.

I did see one in my building where I have had two different apartments and know the owner since I have moved in.

We are supposed to get a contract and someone to take us to the land office to do the sale.

The pension I have is not big from USA but I have been able to live much better there than

I did since my accident that retired me and really want to stay.

I just did another year of retirement visa yesterday with multi entry and 90 report.

That was the third time and first in the new location. It worked out great.

I feel confident that the real estate market, is holding steady here, and as a matter of fact,

I have checked the web daily for these 3 years and have not seen anything I liked go down in price.

The money I have spent on rent these years could have gone toward ownership and I hope

the one I am intending on buying works out.

I will use an Attorney to handle the sale and the Lands Dept. and hopefully get into the new apartment

by the time my lease is up in the building.

Nothing seems perfect here, and sometimes I really just want to stay

in and play on the internet, but overall at 63 yrs of age. This is the place for me.

Thanks again for your great website and help.

Hi 'nycboy57' you have actually been very open. Just some brief comments

As has been said before by a very well informed poster if the building is not finished you CANNOT be dealing with juristic you will be dealing with the developer full stop. Make sure they make you wear a hard hat when you look around – I have been there and done that.

You have said your 63 - May I take a guess that you wish to leave something of value behind for your loved ones? An admirable trait. I note you have already rented but then you mention leases, apartments etc, very confusing.

If you wish to leave something behind and wish your own personal security you need to be thinking in terms of a freehold Farang quota condominium in your name. That’s it FULL STOP!

[stevejones123]

so if the pool rains down on you, you are screwed with NO recourse.

An umbrella?

[aussiebebe]

Hi Niceboy

The simple answer to your question is...DON'T EVEN THINK ABOUT IT.

Or the far easier and quicker solution (providing you don't want to keep your money) is to stay at home and set fire to your money in a trash can, which = no hassle, no tax, no transfer fees, no bent lawyers and no air fares, but MOST of all NO grief!

regards

Rodders

That made me laugh so hard I snorted Nescafe - it would be funnier if it weren't so close to the truth. Maybe the mods could pin that post as it would cover 60% of all condo threads on this forum.

[moe666]

If you were blind you could see this one coming, the seller rushing to make a deal offering a big discount, and then bam cannot see bldg.

Put your running shoes on not a deal.

[Crash999]

If you were blind you could see this one coming, the seller rushing to make a deal offering a big discount, and then bam cannot see bldg.

Put your running shoes on not a deal.

Not always something to get in a panic about. Some developers like Noble won't allow resale folks to go trapsing through buildings that are still under construction.

But a wise man once said 'never invest in something you don't understand', so to the OP it's probably best if he waits and takes his time.

[NOKIA6969]

ex London Property professional in Bkk -

Drop me a line if you want some bullet proof advice

dom@akandorealestate,com

[Nio]

To the OP; You must surely agree that you've recieving a blessing in disguise by experiencing how difficult it is for this American lady to sell her unbuilt Thai condo when she's not in Thailand . I'd attempt to disuade you from this particular opportunity, based only on the information you've provided, but I can't really know all the facts.

I am currently friends with two couples depsperate to sell their condominiums - no mean feat if you want to leave or can't stay in Thailand. One couple have had to postpone their plans to emmigrate and face either having their new visas expire or having to leave and sell their Thai condo from abroad.

Personally, I'd like to hear more from Nio,

With the economy taking a big dive here in Thailand and things about to get worse with a new red shirt protest, there will be bonafide deals on condos everywhere as the economy dives ever further

- what makes you say that?

What makes me say that? Don't you ever read the news or financials? How many condo and hotels on the market now? More than every before. Thai Airways losing millions and millions per quarter. If you were here doing the last coup, you would understand how this massive protests have a lasting effect on the economy. Like the other poster said he knows 2 people personally cannot sell and it is not a buyers market. Lack of cash, lack of financing and if keep up on TV posts, banks reluctant to loan money to anyone other than rich people. Pretty simple stuff, one read through all the dailys and financials will paint the accurate picture.

[Musongman]

The ViewTalay Company in Pattaya has built many projects. Most take longer than expected but all come in eventually. Recently, ViewTalay 7, Jomtienbeach Condominium was completed after 4 years in the making due to legal wrangles from neighbours and City planning blunders. Bought a shell off the plan, paid monthly until a month ago when balance was required on completion. All went well, the building is classy, facilities great, and an all-round nice address. Took a risk that paid off. After the fit-out, looking forward to living there with absolute beachfront aspects.